3 Ways Startups Can Compete with Big Businesses
It can be very intimidating going into business and knowing that your competition is not just established, but large. Competing with big business is a challenge, certainly, but it’s not an insurmountable one, and there are a number of key points that can actually give you an edge. Being a start-up gives you a variety of advantages when it comes to tackling the giants of industry, and if you’re looking for ways to compete on a grand scale, then these tips should give you that much-needed boost. Large companies are shackled by a number of factors, and you can use those to build your business and compete on an equal footing.
Speed over resources
It goes without saying that the larger a company, the more resources it has. That can be in terms of finances or employee numbers, but that also means that they have one overriding issue that the start-up doesn’t have to deal with – bureaucracy. Big businesses are slow to adapt to change, and that gives you a tool that they can never hope to catch up with. Consumers hate delay, which is why slow websites are anathema to online businesses. If you optimize your speed and adapt to technology changes and consumer trends with speed, then you’re far more likely to draw attention and business away from even the largest corporation.
The importance of listening
One of the other flaws that large companies have to cope with is the inability to make small changes that are called for by consumers. That tone-deafness gives you a huge advantage because you are far more likely to be able to prioritize listening to your customers and adapting to their needs. This personalization is becoming one of the most important elements of digital strategy for companies of all sizes, but for the start-up, your speed and willingness to adapt and listen to what your customers want is key to beating the huge companies.
Patience as a weapon
Changes are never an overnight occurrence, and your patience when it comes to building a loyal customer base will pay off in the long run. It takes time to build your start-up into something secure, but that will simply make those big breaks all the more satisfying. One of the most efficient ways to grow at your own speed is to make the best use of your selling platform, whether that’s using sites like Shopify or building your own website from scratch. Using professional advice from digital marketing experts like Blackbelt Commerce can help your business grow faster but at a rate that you feel comfortable with, ensuring that you don’t fall into the mistake of overstepping your capabilities.
Finding your niche and being relentless when it comes to your growth will give you the tools that you need to compete with the rest of the world. Whereas big companies often feel impersonal and inefficient, your startup can be the very opposite of that, and by refusing to be intimidated and going all-out when it comes to customer satisfaction, your startup can deliver where the big businesses are incapable.